Loan Fund Companies (Amendment) Act 1982 (NSW)
LOAN FUND COMPANIES (AMENDMENT) ACT, 1982, No. 58
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ANNO TRICESIMO PRIMO
ELIZABETHS II REGINS
Act No. 58,1982.
An Act to amend the Loan Fund Companies Act, 1976, with respect to the
forfeiture or surrender of shares and options and the distribution of thesurplus funds of a loan fund company. [Assented to, 12th May, 1982.]
Act No. 58, 1982. 2
Loan Fund Companies {Amendment).
BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows;—
Short title.
This Act may be cited as the "Loan Fund Companies (Amendment)
Act, 1982".
Commencement.
2. (1) Except as provided in subsections (2) , (3) and (4), this Act shall
commence on the date of assent to this Act.
(2) Section 5 shall, in its application to a provision of Schedule 1, commence or be deemed to have commenced on the day on which that provision commences or is deemed to have commenced, as the case may require.
(3) Schedule 1 (2) shall be deemed to have commenced on 1st
January, 1977.
(4) Schedule 1 (5) (a) and (b) shall be deemed to have commenced
on 1st March, 1977.
Principal Act.
The Loan Fund Companies Act, 1976, is referred to in this Act as the
Principal Act.
Amendment of Act No. 94, 1976.
The Principal Act is amended in the manner set forth in Schedule 1.
3 Act No. 58, 1982.
Loan Fund Companies {Amendment).
SCHEDULE 1.
(Sec. 4.)
AMENDMENTS TO THE PRINCIPAL ACT.
(1) Section 3—
From the matter relating to Part V, omit "47" wherever occurring, insert instead "47A".
(2) Section 27 (2) (a)—
Omit "or" where firstly occurring, insert instead "of".
(3) Section 42 (1) (c)—
Omit the paragraph, insert instead:—
(c)
loan entitlement shares in a loan fund company, not being shares in respect of which the company has made a loan for which any liability to the company is outstanding,
(4) Section 43 (1) (c)—
Omit the paragraph, insert instead:—
(c) loan entitlement shares in a loan fund company, not being
shares in respect of which the company has made a loan for which any liability to the company is outstanding,
(5) (a) Section 46 (1) (a) (iii)—
Omit "last balance sheet of the company preceding the date on which the amount becomes payable", insert instead "balance sheet of the company as at the end of the financial year of the company last preceding the date of the forfeiture or surrender".
Act No. 58, 1982. 4
Loan Fund Companies (Amendment). SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT—continued.
(b) Section 46 (1) (a) (iii)—
Omit "the date to which the balance sheet referred to in this subparagraph is made up", insert instead "the end of the financial year of the company last preceding the date of the forfeiture or surrender".
(c) Section 46 (1)—
Omit "due until the expiration of a period of 3 years after the date of the forfeiture or surrender or, if any provision of the memorandum or articles of association of the company, or any relevant prospectus, provides for that amount to become due at a date before the expiration of that period, until that date has arrived.", insert instead:—
due—
(c)
until the expiration of a period of 3 years after the date of the forfeiture or surrender or, if any provision of the memorandum or articles of association of the company, or any relevant prospectus, provides for that amount to become due at a date before the expiration of that period, until that date has arrived;
and
(d) in the case of forfeited or surrendered loan entitlement shares in respect of which the company has made a loan which has been discharged, unless no money is payable (whether or not due for payment) by the company under this subsection or subsection (2) in respect of any forfeited or surrendered options, option nominations or shares (not being shares in respect of which the company has made a loan which has been discharged).
Act No. 58, 1982.
Loan Fund Companies (Amendment). SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT—continued.
(d) Section 46 ( 4 A ) — After section 46 (4) , insert:—
(4A) A loan fund company shall not pay an amount payable under subsection (1) in the case of forfeited or surrendered loan entitlement shares in respect of which the company has made a loan which has been discharged, unless no money is payable (whether or not due for payment) by the company under sub- section (1) or (2) in respect of any forfeited or surrendered options, option nominations or shares (not being shares in respect of which the company has made a loan which has been discharged).
(6) Section 47 (2)—
At the end of section 47, insert:—
On the forfeiture or surrender, under section 42 or 43, of any shares in respect of which the holder has or had a vested loan en- titlement (whether or not a loan has been made in respect of the shares), the vested loan entitlement is extinguished.
(2)
(7) Section 4 7 A — After section 47, insert:—
Distribution of surplus funds. 47A. (1) Where—
(a) a person has forfeited or surrendered any option or shares under section 42 or 43 to a company;
(b) the company has deducted from the amount otherwise payable under section 46 to the person or his lawful representative an amount referred to in section 46 (1) (a)
(iii) in respect of an accumulated loss; and
Act No. 58, 1982. 6
Loan Fund Companies {Amendment).
SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT—continued.
(c) the company has, at any time after the forfeiture or surrender, surplus funds,
the Supervisor may direct the company to make a distribution, in accordance with this section, out of those surplus funds to the person or his lawful representative.
(2) Unless the Supervisor, having regard to the circumstances of the case, otherwise determines, the amount of the distribution to a person to whom subsection (1) applies shall be—
(a) an amount bearing the same proportion to the surplus, or such part of the surplus as is directed, under subsection (1), to be distributed, as the amount deducted in relation to the person under section 46 (1) (a) (iii) bore to the accumulated loss; or
(b) an amount equivalent to the amount deducted in relation to the person under section 46 (1) (a) (iii),
whichever is the lesser.
(3) Where, immediately before a distribution is made by a
company in accordance with a direction under subsection (1) , there
was payable to the company by a person to whom subsection (1) applies a sum comprising any one or more of the following, namely— (a) money liable to be paid under section 42 (5);
(b) a fee or penalty referred to in section 46 (1) (a) (i);
(c) an amount referred to in section 46 (1) (a) (ii),
that sum may be deducted by the company from the amount
determined in accordance with subsection (2).
Act No. 58, 1982.
Loan Fund Companies {Amendment).
SCHEDULE I—continued.
AMENDMENTS TO THE PRINCIPAL ACT—continued.
(4) The Supervisor shall not give a direction under subsection (1) to a company unless he is of the opinion that the benefit to be derived by the persons to whom subsection (1) applies corresponds with the benefit to be derived by those persons who, as at the date of the distribution made in accordance with that direction, hold any options to acquire loan entitlement shares or any qualifying shares or loan entitlement shares in the company.
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